AmREIT plans $1 billion redevelopment of Uptown Park

The Uptown Park shopping center along the West Loop at Post Oak Boulevard (AmREIT)

The owner of the Uptown Park shopping center at the corner of the West Loop and Post Oak Blvd. is planning a more than $1 billion redevelopment of the retail project that will include multiple new towers, bringing the low-rise retail project into the modern era.

The changes will come over the next seven to 10 years and include luxury residential, office, hospitality and additional retail space, according to property owner AmREIT, a Houston-based real estate investment trust that has owned the 17-acre complex for about a decade.

In a Wednesday morning earnings call, the developer said it is negotiations with a national developer to build the first tower at the site — a luxury residential building — that would sit atop 20,000 square feet of retail space. It will be developed where the stores Baker, Pelucha Decor and Bella Rinova are now.

The deal would be structured as a 99-year ground lease to the developer.

AmREIT said it has identified seven potential development sites in Uptown Park.